• 19 June, 2024
Market News Price Analysis

Analyst Predicts Bullish Breakout After Bitcoin’s Major Price Correction

Renowned crypto analyst Crypto Rover recently shared his insights on Bitcoin’s latest significant price correction. In a recent YouTube video, the analyst highlighted that Bitcoin has faced an enormous downward correction, with its price finding a temporary bottom around $68.4k. This correction marks a substantial retreat from the previous consolidation phase near the range high, where Bitcoin saw a sharp rejection.

Despite this setback, Rover emphasizes that Bitcoin’s upward trend remains intact. Analyzing the 12-hour timeframe, he points out a series of higher lows, indicating a continued upward slope. This pattern suggests that Bitcoin is still on a positive trajectory, and a major breakout could be imminent.

Rover highlights several critical market indicators. The inverse head and shoulders pattern, a bullish signal, is still relevant. The key resistance level to watch is between $71.6k and $72k. Historically, this range has been a formidable resistance zone, and breaking above it could confirm the start of the next bull market.

Further analysis reveals significant institutional interest. Recently, Bitcoin ETFs saw inflows exceeding $131 million, now holding over 5% of the total Bitcoin supply. BlackRock, a major player, holds more than 300,000 Bitcoin, reflecting strong institutional demand.

Bitcoin (BTC) Surge Imminent? Analyst Predicts $83,000 Rally

Market dynamics, including neutral funding rates and substantial liquidity at higher price levels, support a potential upward move. Rover notes approximately $5.7 billion worth of Bitcoin short liquidations, around $72k to $74k. This liquidity could increase Bitcoin’s price as these short positions get liquidated.

The MACD indicator on the 3-day timeframe has also flashed a bullish crossover, a signal that has historically preceded significant upward movements. This crossover and other bullish indicators suggest Bitcoin may be on the verge of a substantial rally. As of press time, BTC is trading at $69,388, marking a significant decline of 2.39% in the past day.

Although Bitcoin prices have corrected significantly, the long-term trend is still up. Several signs indicate that an upward breakout will likely occur soon. At the moment, Bitcoin is trading in a range, but Rover believes this would be resolved in the coming weeks, and Bitcoin would move upward toward new highs. According to Rover, monitoring the market and constantly using detailed analysis and signals is necessary to achieve high results in trading and investing.

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